This paper presents an intelligent electronic device(IED) platform which is based on a new frequency estimation algorithm. The IED platform features not only the accurate estimation of frequency but also the fast network-based transmisstion of fault data and waveforms. The simulation results show that the proposed frequency estimation algorithm improves convergence speed, and has lower frequency estimation error compared with those of conventional algorithms. The network-based IED is designed to ensure transmission latency being less than 1.0% of sampling interval.